Two such companies, Hims & Hers and Shopify, have caught the attention of investors with their robust business models and impressive financial performances.

Hims & Hers, a virtual care company, has experienced notable volatility in recent times, but its shares have still soared by around 116% over the past year. The company's unique business model revolves around recurring subscriptions, offering patients access to both prescription and nonprescription products through convenient repeat deliveries. Additionally, users can benefit from a wide array of healthcare resources and personal telehealth sessions with medical specialists in various fields including dermatology, mental health, weight loss, and sexual health and wellness.

One noteworthy development for Hims & Hers is the introduction of GLP-1 injections, priced at just $199 per month. This move aims to capitalize on the growing demand for these drugs, which are utilized for various concerns, including chronic weight management. The ability to receive quality medical care and have essential medications delivered directly to their doorstep through a subscription service has proven to be a compelling proposition for Hims & Hers subscribers.

The financial performance of Hims & Hers is nothing short of impressive, with revenue, profits, and cash flow experiencing significant growth. In the second quarter of 2024, the company reported a substantial increase in subscribers, reaching 1.9 million, a 43% jump from the previous year. During the same period, Hims & Hers generated $13.3 million in profits on revenue of $315.6 million, marking a remarkable 52% year-over-year increase in revenue. In addition, the company achieved nearly $48 million in free cash flow for the quarter. These positive trends indicate a solid foundation for Hims & Hers, and its potential for long-term investor returns.

Another compelling growth stock to consider is Shopify, a global leader in e-commerce solutions. While it faced some challenges in recent years, including layoffs and fluctuating profitability, Shopify continues to make steady progress and remains a prominent player within the industry.

In the second quarter of 2024, Shopify reported a 22% year-over-year increase in gross merchandise volume, reaching $67 billion. Revenue also experienced growth, rising by 21% to $2 billion. The company's subscription solutions revenue saw a notable 27% increase, driven by new merchant onboarding and price adjustments to subscription plans. Furthermore, merchant solutions revenue grew by 19%. Shopify's impressive free cash flow of $333 million for the quarter was more than three times higher than the same period in the previous year, while its cash and investments stood at $5 billion. Over the past 12 months, Shopify achieved net income of $1.3 billion on revenue of $7.8 billion.

While short-term economic turbulence may impact e-commerce spending, the long-term outlook for the industry remains robust, with a multitrillion-dollar addressable market. Shopify's market leadership and continued growth in a fragmented industry make it an enticing opportunity for investors seeking a multiyear buy-and-hold position.

It is important for investors to thoroughly understand the businesses they invest in, especially in times of market volatility. However, even with a modest amount of $200, it is still possible to gain exposure to quality companies in one's portfolio, without jeopardizing financial health. Steadily investing even small amounts across various stocks can lead to compounded returns over time.

Both Hims & Hers and Shopify offer compelling growth potential in their respective industries. With Hims & Hers' innovative healthcare services and successful financial trajectory, as well as Shopify's consistent growth in e-commerce solutions, these companies present attractive investment opportunities for those looking to build a profitable portfolio for the future.

Note: The opinions expressed in this article are not affiliated with The Motley Fool's Premium Investing Services.